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Sify Editors @ 3:55 PM
Sensex edges higher; energy stocks gain
Indian shares rose for a third straight session on Monday, as gains in oil refiners such as Reliance Industries Ltd and ONGC Ltd helped offset losses in IT stocks.
The benchmark BSE Sensex closed up 0.05 percent at 33,359.9 while the broader NSE Nifty ended 0.15 percent higher at 10,298.75.
Reliance was the biggest contributor to gains on the NSE Nifty, closing nearly 1 percent higher as oil prices dropped overnight.
Sify Editors @ 2:50 PM
Edible oil refiners gain on import tax raise
Shares of Ruchi Soya Industries Ltd, Gokul Agro Resources Ltd and Gokul Refoils and Solvent Ltd rise as much as 4.9 - 8 pct.
India raised import tax on edible oils to highest in a decade on Saturday, a move that will increase crushing margin of cos which refine crude oil for edible use.
"We expect this to positively impact our refining operations, especially palm oil refining and we expect the refining margins to increase," Dinesh Shahra, managing director of Ruchi Soya, said.
Ruchi Soya's stock gained 15.6 pct this year as of Friday's close while Gokul Refoils rose 11 pct during the same period.
Over 5.3 mln Ruchi Soya shares traded on Monday while Gokul Refoils shares changed hands more than twice its 30-day average.
Sify Editors @ 2:10 PM
The Sensex trade with marginal losses; IT, banks down
Selling pressure in IT, banking and tech stocks, coupled with broadly negative global cues, led the key Indian equity indices to trade on a flat-to-negative note during the mid-afternoon session on Monday.
ICICI Bank, Cipla, State Bank of India (SBI) and Infosys were among the top laggards on the BSE market breadth.
Around 12.45 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded lower by 3.25 points or 0.03 per cent at 10,280.35 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,365.84 points, traded at 33,332.69 points -- down 10.11 points or 0.03 per cent -- from Friday's close.
The Sensex has so far touched a high of 33,449.53 points and a low of 33,288.21 points during intra-day trade.
Sify Editors @ 1:00 PM
Cement stocks slump on report of Supreme Court seeking pet coke ban
Shree Cement Ltd shares slump as much as 5.3 pct, while JK Lakshmi Cement Ltd and J K Cement Ltd slide as much as 5.2 pct and 5 pct, respectively.
Supreme Court on Friday sought a nationwide ban on use of pet coke and furnace oil, local media reported.
"Companies like Shree Cement and JK Cement are largely dependent on pet coke, and the ban will have an impact on their EBITDA margins" - Rohit Natarajan of IDBI Capital.
Other cement makers such Ambuja Cement Ltd and UltraTech Cement Ltd were down 2.9 pct and 2.2 pct, respectively.
Sify Editors @ 12:10 PM
Sensex little changed; PSU banks down
Indian shares were largely unchanged in lacklustre trading on Monday following heavy gains on Friday, after Moody's Investors Service upgraded the country's sovereign credit rating.
The broader NSE Nifty was nearly flat at 10288.85 at 0624 GMT, while the benchmark BSE Sensex was up 0.05 percent at 33,367.53. The indexes gained as much as 1 percent on Friday.
Moody's Investors Service upgraded India's sovereign credit rating for the first time in nearly 14 years on Friday, saying continued progress on economic and institutional reforms would boost the country's growth potential.
"There will be no major correction in the next month or so," said R.K. Gupta, managing director at Taurus Asset Management.
"Markets will remain in 10,000-10,400 levels until the corporate tax filings come out in mid-December. That'll give a clearer indicator on how the companies are actually performing."
Indian shares also tracked their subdued Asian peers after uncertainties clouding a U.S. tax-overhaul bill saw a retreat on Wall Street on Friday. MSCI's broadest index of Asia-Pacific shares outside Japan extended losses.
The Nifty PSU Bank index fell 0.85 percent after surging in the previous two sessions, including the 3.22 percent gain on Thursday.
Among the gainers, Biocon Ltd rose as much as 6.4 percent after the company's aseptic drug product facility got Establishment Inspection Report with voluntary action by the U.S. Food and Drug Administration.
Shares of Strides Shasun Ltd climbed as much as 4.5 percent after the pharma company agreed to sell its India brand business to Eris Lifesciences Ltd on Saturday. Eris gained 4.7 percent.
Sify Editors @ 11:30 AM
Strides, Eris rise on deal for India brand business
Strides Shasun Ltd rises as much as 4.5 pct to its highest in almost a fortnight.
Pharma company agreed to sell its India brand business to Eris Lifesciences Ltd for 5 bln rupees ($76.84 mln), it said on Saturday.
Strides says will retain global rights for divested portfolio, which have significant sales in Africa.
Eris shares also rise 4.7 pct, highest since July 28.
India was a subscale business for Strides while U.S. and Australia are its large markets in terms of revenue and profit. So divestment will allow management to focus clearly on these two geographies, ICICI Securities says.
Eris also reported a 39 pct increase in Sept-qtr net profit on Saturday.
Sify Editors @ 10:30 AM
Biocon jumps on green signal for US export
Shares of Biocon Ltd surge as much as 6.4 pct, their biggest intraday pct gain since Nov. 17.
Co's aseptic drug product facility gets Establishment Inspection Report (EIR) with voluntary action indicated (VAI) status from U.S. Food and Drug Administration.
EIR clears the way for exports from the biopharmaceutical co's facility to U.S.
Up to Friday's close, shares of the Bengaluru-based co had risen about 24 pct this year.
Sify Editors @ 9:20 AM
The Sensex in the flat
Key Indian equity indices on Monday opened in the red on the back of broadly negative Asian cues and selling pressure in IT, banking and metal stocks.
At 9.16 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded lower by 10.25 points or 0.10 per cent at 10,273.35 points.
The Sensex of the BSE, which opened at 33,365.84 points, traded at 33,324.46 points -- down 18.34 points or 0.06 per cent -- from Friday's close.
The Sensex has so far touched a high of 33,409.65 points and a low of 33,322.99 points during intra-day trade.
However, the BSE market breadth was bullish -- 819 advances and 529 declines.